Northern NJ Weekly Inventory Update
Weekly Active Inventory Update for 11/2 - 11/9
GSMLS
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren)
11/2 - 12821
11/9 - 12831 (Flat)
NJMLS
(Bergen, Essex, Hudson, Passaic)
11/2 - 5760
11/9 - 5796 (0.6% Increase)
Hudson MLS
11/2 - 1729
11/9 - 1769 (2.3% Increase)
Numbers represent active listings of SFH, Condo, Coop, and Townhouse. Multifamily numbers are not included.
Caveat Emptor,
Grim
GSMLS
(Bergen, Essex, Hudson, Morris, Passaic, Somerset, Sussex, Union, Warren)
11/2 - 12821
11/9 - 12831 (Flat)
NJMLS
(Bergen, Essex, Hudson, Passaic)
11/2 - 5760
11/9 - 5796 (0.6% Increase)
Hudson MLS
11/2 - 1729
11/9 - 1769 (2.3% Increase)
Numbers represent active listings of SFH, Condo, Coop, and Townhouse. Multifamily numbers are not included.
Caveat Emptor,
Grim
4 Comments:
I just spoke at the Mortgage Bankers Association conference in Boca Raton Florida (I am not in the R/E industry, since I'm just an accountant). Their chief economist admitted that the bubble has been pierced and it is slowly deflating. He also said that 2007 will be an interesting year because some rediculously large number of ARM's are up for adjustment. He also said that these borrowers are "unseasoned" which means that they have never gone through a rate adjustment so they are not sure how "performance" on these loans will be. Although the audience was primarilly accountants for large mortgage companies, I expected a pom pom session with him saying everyhting would be fine and housing will continue to rise. His candor amazed me and makes me realize that things will get ugly very soon. Just wanted to pass along these observations.
Thanks for posting. Believe me when I say your words are much appreciated around here.
Leverage and Lax credit standards the Hallmark of bubbles.
This buble is the worse of all of them.
Money and risk is meaningless today. Pay any price take out any loan just to get in and everything just oakie doakie.
WRONG!
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